Comet collapse to be probed by government

Comet will close down its remaining stores today, as the government confirmed it has launched an investigation into the administration of the electrical chain.

The last 49 stores out of a 235-strong chain will be closed today, bringing to an end the store’s 19-year history.

Almost 7000 people will lose their jobs, at a cost of £23.2m that will initially have to be met by the government.

Administrator Deloitte said in a report into its collapse yesterday that Comet slumped to a loss of £95m for the year to April this year.

In February, Comet was bought by private equity firm OpCapita for a nominal amount of £2.

But the group, which was established in 1933, was hit by increasing competition and a loss of faith by suppliers who tightened their terms on the retailer.